Inventories down and activity rises as home prices remain at a more sustainable level in Delaware County PA.
Since the last update in January 2012 covering 2011, home sales activity and pricing have started to recover through much of Delaware County PA. The average sales price has remained almost constant while the average Days on the Market fell from 100 days to 94 days. Overall Delaware County activity continues to lag both New Castle County and Chester County but has gained strength as we have progressed through the year. The below data covers all Delaware County:
Delaware County PA:
For 2012 through September:
Year: Homes Listed | Homes under Contract | Homes Sold
2012: : 7290 3953 3638
Average Home Sold for $260,000 in 94 Days
For the entire Previous Years:
2011: : 8619 4167(48%) 4043(46%)
Average Home Sold for $259,000 in 100 Days
2010: : 9336 4472(47%) 4439(47%)
. Average home Sold for $261,000 in 84 days
2009: : 8867 5185(58%) 5055(57%)
. Average home Sold for $248,000 in 87 days
On a year to date basis, the numbers look even more encouraging. As of October 6 for both 2011 and 2012, the total available homes on the market has fallen from 3,852 properties to 3,525 (down 8%). The number of properties under contract has risen 38% from 537 to 750 homes. The total of homes sold has also risen from 3,148 in 2011 to 3,757 - up 19%.
The Delaware County market lagged the surrounding counties badly throughout the first quarter and much of the second quarter but closed ground as we continued through the second and third quarters. If we can maintain this momentum. continue to reduce inventory, and continue to hold prices, this bodes well as we close in on 2013.
This strength has not been seen uniformly across the county. Some areas continue to be impacted by foreclosures and weak activity, but this has kept average prices more stable. Township tax rates continue to be an issue as buyers search for lower rates. Given the options, buyers are trending toward lower tax rate townships or even to Northern New Castle County.
Home buyer interest continues to rise as more buyers become aware of the great interest rates now available and the lower home purchase prices.
As always, if you are thinking of a move and would like more details on the market values in your area, please do not hesitate to contact me anytime for a market update or a complete complimentary market analysis for your home.
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)